By Richard Joseph
When the Union Jack was lowered in Nigeria on October 1, 1960, the potential of Africa’s most populous nation seemed boundless—and that was before its abundant reserves of petroleum and natural gas were fully known. However, Nigeria has since underperformed in virtually every area. A massive fuel shortage, just days before the historic change in political leadership, underlined how criminalized and dysfunctional the oil sector had become.
On May 29, Goodluck Jonathan, Nigeria’s president since 2010, transferred power to a former military ruler, Muhammadu Buhari. Despite important policy reforms, Jonathan will be remembered mainly for his unusual name and the failure to defeat Boko Haram. Similar transfers of power took place in other federal and state offices. As a result of the March and April elections, a new coalition, the All Progressives Congress (APC), prized a commanding share of government positions from Jonathan’s Peoples Democratic Party (PDP).